Wind farm deal lifts Multimatrix share

Multimatrix Ltd. (TASE: MLTX) share rose sharply today after notifying the TASE on Thursday that it had reached an agreement to acquire up to 49% of several wind farm ventures for generating electricity at an investment of NIS 1.5 million.

According to the notice from Multimatrix, one of the wind farms which is on the Golan Heights has been operating for 18 years and is set to expand from the production of 6 megawatts to 14 megawatts, and is in the process of receiving approval for two additional wind farms.

Multimatrix is an investment company, controlled by Uri Omid, with holdings in hotels and tourism in Spain.

Last week's announcement, followed the firm's auditors attaching a going concern notice to Multrimatrix's 2009 financials, after the company reported a loss of NIS 10.3 million, a NIS 49 million deficit in equity, and a negative cash flow from current operations of NIS 4 million.

By late afternoon today, Multimatrix share had risen 11.5% to NIS 1.02 .

Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2010

Wind farm deal lifts Multimatrix share

Despite a recent going concern notice, an investment on the Golan Heights boosted the company's share.